The global glucose biosensor market comprises glucose sensors that are used with blood glucose monitoring devices to measure the glucose levels in the bloodstream. Glucose biosensors help patients with diabetes to regularly monitor their blood sugar levels and manage the disease accordingly. These biosensors utilize glucose oxidase, an enzyme that reacts with glucose and oxygen to make gluconic acid and hydrogen peroxide. The concentration of hydrogen peroxide is proportional to glucose concentration, which can then be measured using electrodes to determine blood glucose levels. The rising cases of diabetes across the world has increased the demand for continuous glucose monitoring devices fitted with glucose biosensors to facilitate effective diabetes management.
The Global Glucose Biosensor Market is estimated to be valued at US$11.77 billion in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period between 2024 to 2031.
Key Takeaways
Key players operating in the Glucose Biosensor Market Size are Abbott Laboratories, Dexcom, Ascenia Diabetes Care, Nova Diabetes Care, F. Hoffmann-La Roche Ltd., Sanofi, GlySens Incorporated, Trividia Health, Bayer, and Lifescan. Abbott Laboratories leads the glucose biosensors market with its Freestyle Libre product line. These key players are expanding their product offerings and broadening their geographical presence through collaborations and mergers & acquisitions to strengthen their market position.
The growing demand for minimally invasive and user-friendly continuous glucose monitoring systems especially from remote populations is a key opportunity in the market. Manufacturers are developing next-generation non-invasive or needle-based biosensors to further drive the adoption of glucose monitoring.
The key players are also focusing on expanding into emerging markets like Asia Pacific, Latin America, and Middle East & Africa through partnerships with local players. Increasing healthcare expenditure, growing diabetic population and rising awareness about diabetes management in developing nations is fueling the global expansion of players in the glucose biosensor market.
Market Drivers
Increasing prevalence of diabetes: The growing global burden of diabetes, especially type 1 and type 2, is a major driver of demand for glucose monitoring solutions. It is estimated that over 550 million people had diabetes worldwide in 2021 according to WHO.
Technological advancements: Advancements in biomedical technologies have facilitated the development of minimally invasive continuous glucose monitoring systems with improved accuracy, longer lifespan and wireless data transfer capabilities. This is positively impacting the glucose biosensor market growth.
Market Restraints
High cost of continuous glucose monitoring systems: The price of various blood glucose monitoring systems including sensors, receivers/transmitters, and accessories remains relatively high in many countries limiting widespread adoption. This acts as a major restraint for the glucose biosensor market.
Segment Analysis
The self-monitoring segment dominates the global glucose biosensor market due to the increasing adoption of home glucose monitoring devices for diabetes management at home. Continuous glucose monitoring (CGM) devices segment is expected to show significant growth during the forecast period. This growth is attributed to the development of advanced CGM devices with advanced features like continuous, wireless, and real time glucose monitoring along with smartphone integration.
Global Analysis
The North America region holds the largest share in the global glucose biosensor market owing to high awareness regarding diabetes management, availability and accessibility of advanced devices, and favorable reimbursement policies. Asia Pacific is anticipated to witness the highest growth during the forecast period owing to growing prevalence of diabetes, increasing geriatric population, and rising healthcare expenditure in countries like China and India. Key players focus on partnerships and new product launches to strengthen their position in emerging markets of Asia Pacific region.
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19 February 2020 - The global Glucose Biosensor Market was estimated at USD 15.3 billion in 2015 and is anticipated to reach USD 31.0 billion by 2022.
Bio-constituents such as proteins comprising nucleic acids, enzymes, and others are utilized as biosensors in lieu to examine the concentration of glucose in a patient.Request a Sample Copy of This Report @ https://www.millioninsights.com/industry-reports/glucose-biosensor-marketSome key factors accredited to the expansion of this market comprises the growing occurrence of diabetes around the globe, the growth of the technically advanced product, increasing the requirement for non-invasive products and minimally sized products, increasing patient consciousness levels, and the requirement for early diabetes recognition.
Glucose monitoring of blood is utilized as an essential instrument in diabetes management.As upholding of normal blood glucose levels is significantly important for the patients going through diabetes, a progression of appropriate glucose biosensor has been made to congregate the demands of the patients afflicted with this extremely rampant disorder.
Moreover, the increasing requirement for self-monitoring equipment has amplified the utilization of biosensors particularly in handy forms.
These sensors are currently available as miniature and minimally invasive equipment that calculate glucose levels in a patient.
Among these two kinds, amperometric glucose biosensor is extensively accessible commercially.
The global glucose biosensor market was estimated at USD 15.3 billion in 2015 and is anticipated to reach USD 31.0 billion by 2022.
Bio-constituents such as proteins comprising nucleic acids, enzymes, and others are utilized as biosensors in lieu to examine the concentration of glucose in a patient.Some key factors accredited to the expansion of this market comprises the growing occurrence of diabetes around the globe, the growth of the technically advanced product, increasing the requirement for non-invasive products and minimally sized products, increasing patient consciousness levels, and the requirement for early diabetes recognition.
Glucose monitoring of blood is utilized as an essential instrument in diabetes management.Request a Free Sample Copy of Glucose Biosensor Market Report @ https://www.millioninsights.com/industry-reports/glucose-biosensor-market/request-sampleAs upholding of normal blood glucose levels is significantly important for the patients going through diabetes, a progression of appropriate glucose biosensor has been made to congregate the demands of the patients afflicted with this extremely rampant disorder.
Moreover, the increasing requirement for self-monitoring equipment has amplified the utilization of biosensors particularly in handy forms.
These sensors are currently available as miniature and minimally invasive equipment that calculate glucose levels in a patient.
Among these two kinds, amperometric glucose biosensor is extensively accessible commercially.
Glucose Biosensor Market was estimated at USD 15.3 billion in 2015 and is anticipated to reach USD 31.0 billion by 2022.
Biosensors are identified as analytical equipment that change a biological reaction into electrical indicator and help in measuring an extensive range of analytic comprising gasses, bacteria, organic compounds and others.
Bio-constituents such as proteins comprising nucleic acids, enzymes, and others are utilized as biosensors in lieu to examine the concentration of glucose in a patient.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/glucose-biosensor-market/request-sample The key driving factors responsible for the growth of Glucose Biosensor market : Some key factors accredited to the expansion of this market comprises the growing occurrence of diabetes around the globe, the growth of the technically advanced product, increasing the requirement for non-invasive products and minimally sized products, increasing patient consciousness levels, and the requirement for early diabetes recognition.
However, the existence of other options for supervision of diabetes, for instance, laboratory process is expected to confine market expansion over the forecast period.
As upholding of normal blood glucose levels is significantly important for the patients going through diabetes, a progression of appropriate glucose biosensor has been made to congregate the demands of the patients afflicted with this extremely rampant disorder.
